Oil Prices Fell 2 Percent on Friday


Time: 5:46 p.m. CEST

Oil prices fell more than 2 percent on November 25, Reuters reports because of the uncertainty after Saudi Arabia said, “It will not attend talks on Monday with non-OPEC producers to discuss supply cuts.”

Reuters says, Brent crude futures were trading at $47.79 a barrel at 10:51 a.m. ET, down $1.21 U.S. crude futures was at $46.84, down $1.12Overall activity on both contracts was thin after the U.S.

Thanksgiving holiday and ahead of the weekend. Saudi Arabia will miss the meeting with non-OPEC producers about limits supply as the top OPEC oil exporter wants to focus on reaching consensus in the organization. Regardless, Russia will attend lower-tier talks on November 28 in Vienna before the OPEC ministerial meeting on November 30, a Russian source said to Reuters.

 

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